Should I Pay Off My Mortgage Or Not ?

denn1965

Hi i am 40 years of age and i am looking for some good advise, i have recently come in to some money and i dont know if it would be advisable to pay off my £58 k mortgage or not i have only had this mortgae less than 1 year and still have 19 years left on it.or should i save or invest ?

canny_yorkshireman_2

I would pay off the mortgage then invest the monthly payments in isa's/shares/high income bonds and a good rate instant saver account that gives you a all round portfolio and access to savings should you need them
hth

superscotsman

As a general rule it would be better to redeem the mortgage. They call it "mortgage" but "mortage" is just a fancy name for A DEBT.
If you have an endowment mortgage, that is even more reason to redeem the mortgage: it will mean that when the policy matures you will get the entire bonanza!
When you redeem a mortgage, in effect you are paying out hardly anything, because the money you have paid is still owned by you!!!!! It is part of the house you own. How many other repaid debts can you say that about?